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Fjord1

OB:FJORD
Snowflake Description

Limited growth unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FJORD
OB
NOK4B
Market Cap
  1. Home
  2. NO
  3. Transportation
Company description

Fjord1 ASA, together with its subsidiaries, operates passenger ferries and other passenger boats in Norway. The last earnings update was 38 days ago. More info.


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FJORD Share Price and Events
7 Day Returns
19.6%
OB:FJORD
5%
NO Shipping
4.8%
NO Market
1 Year Returns
-7.4%
OB:FJORD
-34.1%
NO Shipping
-24.3%
NO Market
FJORD Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Fjord1 (FJORD) 19.6% -0.7% 7.2% -7.4% - -
NO Shipping 5% -23.7% -34.9% -34.1% -49.7% -49.2%
NO Market 4.8% -17% -25% -24.3% -10.7% -9.4%
1 Year Return vs Industry and Market
  • FJORD outperformed the Shipping industry which returned -34.1% over the past year.
  • FJORD outperformed the Market in Norway which returned -24.3% over the past year.
Price Volatility
FJORD
Industry
5yr Volatility vs Market

FJORD Value

 Is Fjord1 undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Fjord1 to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Fjord1.

OB:FJORD Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year NO Government Bond Rate 0.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OB:FJORD
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NO Govt Bond Rate 0.7%
Equity Risk Premium S&P Global 5.4%
Shipping Unlevered Beta Simply Wall St/ S&P Global 0.58
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.582 (1 + (1- 23%) (134.87%))
1.125
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.65% + (1.125 * 5.44%)
6.77%

Discounted Cash Flow Calculation for OB:FJORD using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Fjord1 is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

OB:FJORD DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NOK, Millions) Source Present Value
Discounted (@ 6.77%)
2020 173.00 Analyst x1 162.03
2021 204.91 Est @ 18.44% 179.75
2022 231.76 Est @ 13.11% 190.42
2023 253.48 Est @ 9.37% 195.05
2024 270.59 Est @ 6.75% 195.02
2025 283.91 Est @ 4.92% 191.65
2026 294.25 Est @ 3.64% 186.03
2027 302.32 Est @ 2.74% 179.02
2028 308.72 Est @ 2.12% 171.22
2029 313.89 Est @ 1.68% 163.05
Present value of next 10 years cash flows NOK1,813.00
OB:FJORD DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= NOK313.89 × (1 + 0.65%) ÷ (6.77% – 0.65%)
NOK5,162.95
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NOK5,162.95 ÷ (1 + 6.77%)10
NOK2,681.87
OB:FJORD Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NOK1,813.00 + NOK2,681.87
NOK4,494.87
Equity Value per Share
(NOK)
= Total value / Shares Outstanding
= NOK4,494.87 / 99.91
NOK44.99
OB:FJORD Discount to Share Price
Calculation Result
Value per share (NOK) From above. NOK44.99
Current discount Discount to share price of NOK40.20
= -1 x (NOK40.20 - NOK44.99) / NOK44.99
10.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Fjord1 is available for.
Intrinsic value
11%
Share price is NOK40.2 vs Future cash flow value of NOK44.99
Current Discount Checks
For Fjord1 to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Fjord1's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Fjord1's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Fjord1's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Fjord1's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OB:FJORD PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in NOK NOK2.15
OB:FJORD Share Price ** OB (2020-04-03) in NOK NOK40.2
Norway Shipping Industry PE Ratio Median Figure of 14 Publicly-Listed Shipping Companies 14.17x
Norway Market PE Ratio Median Figure of 147 Publicly-Listed Companies 9.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Fjord1.

OB:FJORD PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OB:FJORD Share Price ÷ EPS (both in NOK)

= 40.2 ÷ 2.15

18.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fjord1 is overvalued based on earnings compared to the NO Shipping industry average.
  • Fjord1 is overvalued based on earnings compared to the Norway market.
Price based on expected Growth
Does Fjord1's expected growth come at a high price?
Raw Data
OB:FJORD PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18.72x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
8.6%per year
Norway Shipping Industry PEG Ratio Median Figure of 7 Publicly-Listed Shipping Companies 0.52x
Norway Market PEG Ratio Median Figure of 104 Publicly-Listed Companies 0.56x

*Line of best fit is calculated by linear regression .

OB:FJORD PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18.72x ÷ 8.6%

2.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fjord1 is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Fjord1's assets?
Raw Data
OB:FJORD PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in NOK NOK22.83
OB:FJORD Share Price * OB (2020-04-03) in NOK NOK40.2
Norway Shipping Industry PB Ratio Median Figure of 20 Publicly-Listed Shipping Companies 0.64x
Norway Market PB Ratio Median Figure of 249 Publicly-Listed Companies 0.73x
OB:FJORD PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OB:FJORD Share Price ÷ Book Value per Share (both in NOK)

= 40.2 ÷ 22.83

1.76x

* Primary Listing of Fjord1.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Fjord1 is overvalued based on assets compared to the NO Shipping industry average.
X
Value checks
We assess Fjord1's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Shipping industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Shipping industry average (and greater than 0)? (1 check)
  5. Fjord1 has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

FJORD Future Performance

 How is Fjord1 expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Fjord1 expected to grow at an attractive rate?
  • Fjord1's earnings growth is expected to exceed the low risk savings rate of 0.7%.
Growth vs Market Checks
  • Fjord1's earnings growth is positive but not above the Norway market average.
  • Fjord1's revenue growth is expected to exceed the Norway market average.
Annual Growth Rates Comparison
Raw Data
OB:FJORD Future Growth Rates Data Sources
Data Point Source Value (per year)
OB:FJORD Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 8.6%
OB:FJORD Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 4.4%
Norway Shipping Industry Earnings Growth Rate Market Cap Weighted Average 33.2%
Norway Shipping Industry Revenue Growth Rate Market Cap Weighted Average 8.8%
Norway Market Earnings Growth Rate Market Cap Weighted Average 19.9%
Norway Market Revenue Growth Rate Market Cap Weighted Average 2.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OB:FJORD Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in NOK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OB:FJORD Future Estimates Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 3,045 203 1
2021-12-31 3,130 908 336 2
2020-12-31 2,998 868 191 2
2020-04-04
OB:FJORD Past Financials Data
Date (Data in NOK Millions) Revenue Cash Flow Net Income *
2019-12-31 2,724 197 215
2019-09-30 2,743 524 348
2019-06-30 2,858 585 427
2019-03-31 2,957 629 446
2018-12-31 3,061 983 539
2018-09-30 2,954 921 616
2018-06-30 2,890 970 592
2018-03-31 2,831 927 608
2017-12-31 2,748 927 602
2017-09-30 2,599 960 562
2017-06-30 2,541 926 548
2017-03-31 2,400 816 480

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Fjord1's earnings are expected to grow by 8.6% yearly, however this is not considered high growth (20% yearly).
  • Fjord1's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OB:FJORD Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Fjord1 Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:FJORD Future Estimates Data
Date (Data in NOK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.03 2.03 2.03 1.00
2021-12-31 3.36 4.09 2.62 2.00
2020-12-31 1.91 1.91 1.91 1.00
2020-04-04
OB:FJORD Past Financials Data
Date (Data in NOK Millions) EPS *
2019-12-31 2.15
2019-09-30 3.49
2019-06-30 4.27
2019-03-31 4.46
2018-12-31 5.39
2018-09-30 6.16
2018-06-30 5.92
2018-03-31 6.08
2017-12-31 6.02
2017-09-30 5.62
2017-06-30 5.48
2017-03-31 4.80

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Fjord1 is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Fjord1's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Norway market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Norway market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Fjord1 has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

FJORD Past Performance

  How has Fjord1 performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Fjord1's growth in the last year to its industry (Shipping).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Fjord1's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
  • Fjord1's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Fjord1's 1-year earnings growth is negative, it can't be compared to the NO Shipping industry average.
Earnings and Revenue History
Fjord1's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Fjord1 Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OB:FJORD Past Revenue, Cash Flow and Net Income Data
Date (Data in NOK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 2,723.80 214.80 994.00
2019-09-30 2,742.81 348.49 1,014.33
2019-06-30 2,858.15 427.00 1,011.05
2019-03-31 2,957.10 446.11 1,003.19
2018-12-31 3,060.95 538.66 1,004.98
2018-09-30 2,953.56 616.25 982.10
2018-06-30 2,889.53 592.09 984.79
2018-03-31 2,830.95 607.54 965.76
2017-12-31 2,748.15 602.15 946.35
2017-09-30 2,599.20 561.85 928.67
2017-06-30 2,540.55 547.67 897.81
2017-03-31 2,399.59 480.46 888.81
2016-12-31 2,344.47 449.97 884.84
2015-12-31 2,193.91 181.81 863.38
2014-12-31 2,309.58 96.88 930.50
2013-12-31 2,291.28 26.94 977.42

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Fjord1 has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Fjord1 used its assets less efficiently than the NO Shipping industry average last year based on Return on Assets.
  • Fjord1's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Fjord1's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Shipping industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Fjord1 has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

FJORD Health

 How is Fjord1's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Fjord1's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Fjord1's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Fjord1's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Fjord1's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Fjord1 Company Filings, last reported 3 months ago.

OB:FJORD Past Debt and Equity Data
Date (Data in NOK Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 2,287.30 5,376.10 484.10
2019-09-30 2,268.89 4,312.63 482.03
2019-06-30 2,177.90 3,918.74 272.44
2019-03-31 2,346.01 3,366.21 160.98
2018-12-31 2,331.44 2,790.99 302.58
2018-09-30 2,219.79 2,231.32 389.94
2018-06-30 2,026.65 2,506.78 446.08
2018-03-31 2,174.18 2,039.68 528.43
2017-12-31 2,067.73 1,817.98 474.29
2017-09-30 1,912.55 1,763.53 586.18
2017-06-30 1,743.36 1,816.01 368.34
2017-03-31 1,723.10 1,955.51 553.99
2016-12-31 1,723.10 1,955.51 553.99
2015-12-31 1,307.29 2,078.44 358.52
2014-12-31 1,175.78 2,308.30 334.24
2013-12-31 1,137.13 2,539.42 259.77
  • Fjord1's level of debt (235%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (196.2% vs 235% today).
  • Debt is not well covered by operating cash flow (3.7%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.6x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Fjord1's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Fjord1 has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

FJORD Dividends

 What is Fjord1's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.72%
Current annual income from Fjord1 dividends. Estimated to be 2.26% next year.
If you bought NOK2,000 of Fjord1 shares you are expected to receive NOK134 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Fjord1's pays a higher dividend yield than the bottom 25% of dividend payers in Norway (3.78%).
  • Fjord1's dividend is below the markets top 25% of dividend payers in Norway (8.06%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OB:FJORD Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
Norway Shipping Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 4.3%
Norway Market Average Dividend Yield Market Cap Weighted Average of 107 Stocks 6.5%
Norway Minimum Threshold Dividend Yield 10th Percentile 2.1%
Norway Bottom 25% Dividend Yield 25th Percentile 3.8%
Norway Top 25% Dividend Yield 75th Percentile 8.1%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OB:FJORD Future Dividends Estimate Data
Date (Data in NOK) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.00 1.00
2021-12-31 1.77 1.00
2020-12-31 0.96 1.00
2020-04-04
OB:FJORD Past Annualized Dividends Data
Date (Data in NOK) Dividend per share (annual) Avg. Yield (%)
2019-04-03 2.700 7.230
2019-02-21 2.700 6.296
2018-05-03 2.700 5.721

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Fjord1 has been paying a dividend for less than 10 years.
  • Fjord1 has only been paying a dividend for 2 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Fjord1's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (420.2x coverage).
X
Income/ dividend checks
We assess Fjord1's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Fjord1 afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Fjord1 has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

FJORD Management

 What is the CEO of Fjord1's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dagfinn Neteland
COMPENSATION NOK5,893,000
TENURE AS CEO 3.3 years
CEO Bio

Mr. Dagfinn Neteland has been the Chief Executive Officer at Fjord1 ASA since January 2017 and served as its Chief Executive Officer from 2014 to January 22, 2016. Mr. Neteland serves as Managing Director at Bergen Bydrift AS and Vestlandsentreprenøren AS. He serves as Managing Director and Chairman of the Board of Dato Invest AS and Norheimsund Skiheis AS. He served as Chief Executive Officer of Tide ASA, HAS ASA and Gjensidige Vest. He serves as Chairman of the Board at Norhand Industri AS, Presis Vegdrift AS and Bi Elektro AS. He served as Regional Manager of Nordea Bank Norge ASA. He serves as a Director at Widerøes Flyveselskap As. He served as a Director at NHO Sjøfart.

CEO Compensation
  • Dagfinn's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Dagfinn's remuneration is higher than average for companies of similar size in Norway.
Management Team Tenure

Average tenure of the Fjord1 management team in years:

3.3
Average Tenure
  • The tenure for the Fjord1 management team is about average.
Management Team

Dagfinn Neteland

TITLE
Chief Executive Officer
COMPENSATION
NOK6M
TENURE
3.3 yrs

Anne-Mari Bøe

TITLE
Chief Financial Officer
COMPENSATION
NOK2M
TENURE
6.3 yrs

Andrè Høyset

TITLE
Chief Operational Officer
COMPENSATION
NOK3M
TENURE
3.1 yrs
Board of Directors Tenure

Average tenure and age of the Fjord1 board of directors in years:

2.3
Average Tenure
48
Average Age
  • The average tenure for the Fjord1 board of directors is less than 3 years, this suggests a new board.
Board of Directors

Vegard Sævik

TITLE
Chairman
AGE
41
TENURE
2.8 yrs

Atle Trollebø

TITLE
Employee Representative Director
TENURE
12.3 yrs

Per Sævik

TITLE
Director
AGE
79
TENURE
6.3 yrs

Daniel Nedrelid

TITLE
Observer - Employee Representative
TENURE
1.3 yrs

Thomas Rakstang

TITLE
Observer- Employee Representative
TENURE
2.8 yrs

Siri Hatland

TITLE
Director
TENURE
1.9 yrs

Terje Hals

TITLE
Employee Representative Director
TENURE
1.3 yrs

Reuben Munger

TITLE
Director
TENURE
0.3 yrs

Birthe Lepsøe

TITLE
Director
AGE
48
TENURE
0.3 yrs

Magnus Mundal

TITLE
Employee Deputy Director
TENURE
8.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NOK) Value (NOK)
20. May 19 Buy Atle Trollebø Individual 20. May 19 20. May 19 1,110 NOK36.50 NOK40,515
X
Management checks
We assess Fjord1's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Fjord1 has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

FJORD News

Simply Wall St News

Introducing Fjord1 (OB:FJORD), The Stock That Dropped 29% In The Last Year

That downside risk was realized by Fjord1 ASA (OB:FJORD) shareholders over the last year, as the share price declined 29%. … Remarkably, he share price decline of 29% per year is particularly close to the EPS drop. … When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return.

Simply Wall St -

Here's What Fjord1 ASA's (OB:FJORD) P/E Ratio Is Telling Us

See our latest analysis for Fjord1 How Do I Calculate A Price To Earnings Ratio? … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Fjord1: P/E of 8.61 = NOK38.4 ÷ NOK4.46 (Based on the trailing twelve months to March 2019.) Is A High P/E Ratio Good? … All else being equal, it's better to pay a low price -- but as Warren Buffett said, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' How Does Fjord1's P/E Ratio Compare To Its Peers?

Simply Wall St -

How Does Investing In Fjord1 ASA (OB:FJORD) Impact The Volatility Of Your Portfolio?

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

Simply Wall St -

Is Fjord1 (OB:FJORD) Using Too Much Debt?

We note that Fjord1 ASA (OB:FJORD) does have debt on its balance sheet. … Because it carries more debt than cash, we think it's worth watching Fjord1's balance sheet over time. … Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it.

Simply Wall St -

Fjord1 ASA (OB:FJORD) Is Employing Capital Very Effectively

And finally, we'll look at how its current liabilities are impacting its ROCE. … The formula for calculating the return on capital employed is: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Fjord1: 0.11 = øre641m ÷ (øre7.2b - øre1.5b) (Based on the trailing twelve months to March 2019.) Therefore, Fjord1 has an ROCE of 11%. … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Are Fjord1 ASA's (OB:FJORD) Interest Costs Too High?

While small-cap stocks, such as Fjord1 ASA (OB:FJORD) with its market cap of øre4.2b, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … since poor capital management may bring about bankruptcies,

Simply Wall St -

Will Fjord1 ASA's (OB:FJORD) Earnings Grow Over The Next Year?

As Fjord1 ASA (OB:FJORD) released its latest earnings announcement on 31 December 2018, … analyst consensus outlook appear … with earnings expected to decline by -39% in the upcoming year

Simply Wall St -

Do You Like Fjord1 ASA (OB:FJORD) At This P/E Ratio?

To keep it practical, we'll show how Fjord1 ASA's (OB:FJORD) P/E ratio could help you assess the value on offer. … Looking at earnings over the last twelve months, Fjord1 has a P/E ratio of 8.02. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

If You Had Bought Fjord1 (OB:FJORD) Stock A Year Ago, You'd Be Sitting On A 12% Loss, Today

Unfortunately the Fjord1 ASA (OB:FJORD) share price slid 12% over twelve months. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Instead, the change in the share price seems to reduction in earnings per share, alone

Simply Wall St -

Should Fjord1 ASA (OB:FJORD) Be Part Of Your Dividend Portfolio?

Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … Fjord1 ASA (OB:FJORD) has begun paying dividends recently. … Let's dig deeper into whether Fjord1 should have a place in your portfolio.

Simply Wall St -

FJORD Company Info

Description

Fjord1 ASA, together with its subsidiaries, operates passenger ferries and other passenger boats in Norway. The company operates in four segments: Ferry, Passenger Boat, Catering, and Tourism. Its ferries and passenger boats transport vehicles and passengers. The company also offers catering and tourism, shipyard, and travel agency services, as well as manages properties. Fjord1 ASA was founded in 2001 and is headquartered in Florø, Norway. Fjord1 ASA is a subsidiary of Havilafjord AS.

Details
Name: Fjord1 ASA
FJORD
Exchange: OB
Founded: 2001
NOK4,016,365,839
99,909,598
Website: http://www.fjord1.no
Address: Fjord1 ASA
Strandavegen 15,
Florø,
Sogn og Fjordane, 6900,
Norway
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OB FJORD Ordinary Shares Oslo Bors NO NOK 26. May 2017
DB F1K Ordinary Shares Deutsche Boerse AG DE EUR 26. May 2017
LSE 0RUB Ordinary Shares London Stock Exchange GB NOK 26. May 2017
BATS-CHIXE FJORDO Ordinary Shares BATS 'Chi-X Europe' GB NOK 26. May 2017
Number of employees
Current staff
Staff numbers
1,056
Fjord1 employees.
Industry
Marine
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 02:27
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/03/12
Last earnings filing: 2020/02/26
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.